HomeMy WebLinkAboutC09-023 Avon CenterTERMINATION AGREEMENT This agreement ("Agreement') terminates certain parking covenants pertaining to Lot B adjacent to the Avon Center, as further described below. RECITALS A. The parties set forth in the signature blocks below captioned 'Commercial Unit Owners" constitute all of the current owners of the commercial condominium units (the "Commercial Units") situated within Lot A, now known as Avon Center at Beaver Creek -1 ( "Avon Center), legally described as follows: Condominium Units 107, 109, 110 (also known as 109b), 113, 115, 121, 125, 127, 129, 130, 135, 200, 204, 208, 210, 214, 216, 218, 219, 220, 222, 224, 228, 230, 232, 234, and 236, Avon Commercial Center, Level 1 and Level 2, A Resubdivision of Units 1101 Through 1116 And Units 1201 Through 1209, Avon Center At Beaver Creek - 1, Lot A, Avon Center At Beaver Creek A Resubdivision of Lots 47, 48, 50, 51, 52, 53, And 54, Block 2, Benchmark At Beaver Creek, Amendment No. 4, according to the Condominium Map recorded January 15, 1997 in Book 716 at Page 241, and as defined and described in the Condominium Declaration recorded December 7, 1981 in Book 333 at Page 3, and Declaration of Protective Covenants and Second Amendment to Condominium Declaration recorded December 10, 1991 at Reception No. 464863, and Amendment to Condominium Declaration recorded January 15, 1997 in Book 716 at Page 242, and First Amendment To Amended Condominium Declaration recorded September 11, 1997 in Book 736 at Page 957 and Second Amendment to Amended Condominium Declaration recorded April 11, 2000 at Reception No. 726943, and Third Amendment to Amended Condominium Declaration recorded September 1, 2006 at Reception No. 200623959, County of Eagle, State of Colorado. [formerly known, collectively, as Condominium Units 1101/1102, 1103, 11D4, 1105/1106, 1107, 1108A, 1108B, 1109A, 1109B, 1110, 1111, 1112/1113, 1114, 1115, 1116, 1201, 1202, 1203, 1204, 1205, 1206, 1207, and 1209, Avon Center At Beaver Creek -1, according to the Condominium Map recorded December 11, 1981 in Book 333 At Page 285 and First Amendment thereto recorded June 3, 1982 in Book 341 at Page 247 and as defined and described in the Condominium Declaration recorded December 7, 1981 in Book 333 at Page 3, County of Eagle, State of Colorado] B. On December 10, 1991, a document captioned "Declaration of Protective Covenants and Second Amendment to The Condominium Declaration Avon Center at Beaver Creek - V was recorded in Book 568, Page 742, Reception No. 464863 (the '1991 Declaration of Covenants'), in The Eagle County, Colorado real property records (the "Official Records "). 6-Cl XU3 13rd3SUI dH WdGt,:0T 8002 TE aaa C. Stratford at Avon, LLC, a Colorado limited liability company, is the current owner of Lot B as described in the 1991 Declaration of Covenants (the "Stratford Property"). D. Article 5 of the Declaration of Covenants ( "Article 5') imposed a covenant on Lot B. E. For good and valuable consideration as described below, the Commercial Unit Owners, the Avon Center at Beaver Creek — I Homeowners Association, a Colorado nonprofit corporation (the "HOA "), and the Avon Commensal Owners Association, a Colorado nonprofit corporation (the "COA ") have agreed to terminate Article 5, thereby extinguishing same from title to the Stratford Property. AGREEMENT NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge, the parties agree as follows: 1. The undersigned Commercial Unit Owners, HOA and COA hereby terminate Article 5 of the 1991 Declaration of Covenants In its entirety, thereby extinguishing same from title to the Stratford Property (Lot B). 2. Upon the execution of this Termination Agreement by all. of the undersigned parties, and the delivery of the fully executed Termination Agreement to Land Tide Guarantee Company for recording, Land Title Guarantee Company shall deliver a check to the HOA in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00), made jointly payable to the HOA and the COA. 3. This Agreement may be executed in counterparts, all of which taken together shall constitute one and the same agreement. Agreed to effective as of December 1, 2008. COMMERCIAL UNIT OWNERS: [Signature Pages Follow] 2 t' - d Xd3 13rd3SUI dH Wd6ba0T 8002 is o9a which provislons are hereby ratified and afflm ed as of the Effective Date of this Agreement. 4. This Agreement may be executed in counterparts, all of which taken together shall consd h to one and the same agreement, Agreed to effective as of December 1, 2008 (the "Effedwe pate'). Stratford at Avon, LLC, a Colorado limited liability company By: its: Avon Center at Beaver Creek —1 Homeowners Association, a Colorado nonproltt corporation By: Its: Avon Commercial Owners Association, a Colorado nonprofit corporation By: Re Land Title Guarantee Company By: LL its: 1/•9.4 iasZ .k L .d• L-d Xd3 13rd3SUI dH WdOS:01 BOOZ 16 oaa which provisions are hereby ratified ard affirmed as of the Eftctive Dais of this Agreement. 4. This Agreement may be executed In courderpsrts, all of which taken together shall ooratltule one and the same agreement. AQrosd to effect M es of Decamber 1, 2006 (the 'ERedive Date -). t3tratlbrd at Avon. LLC, a Colorado Imbed Nabltily oornpony owl I \oe Avon C"W at Beaver Creek —1 aim neoWws Aesocls*m, a Colorado nonproAt � y: (I , ` "I B Its: ` i ZFT, h Cr N T- Avon Comrasmiai Owners Aesocktkm, a Colorado nonprOlK Corporation By: ,C - Its: 42,.-;LZ �- Land TWO Guarantee Company By: Ills: 3 9 -d XU-A 13rd3SU-1 dH Wd6-IP:OI 8002 is oaa Condominium Unit 107 (Deed recorded January 28, 2000 at Reception No. 7214961 COUNTY OF EAGLE By: Ifa f I A Name: .. S• . ��.e 4, Its: �Gi t�.w.a..✓-� STATE OF COLORADO COUNTY OF The fore g ' rib �- �- , 200. by v, f THE 80A EAGLE, STATE OF C( ) ss. Ument wads acknowledged before �1 -7" re me this " day of S-0 . `T 4' -=ti- -- . as �'�c c��� 1 hR -- OF 9OUNTY COMMISSIONERS OF THE COUNTY OF Witness my hand and official seal. My Commission Expires: NANCY R. WRIGHT NOTARY PUBLIC STATE OF COLORADO My Commission Expires 12/18!2010 4 "1 Notary Public S'd Xd3 13rd3SUI dH Wd6�,:0i 8002 16 oaQ r .. +.t'.. .� s i : Vier.:, dLi �e3n) fiSJ i�iyO..i i5i�. �s: h.efi aita.{J 'ti�